5 Common Reasons of Delayed Real Estate Closings
Purchasing a home is an exciting time for all involved, however, there are some "pitfalls" that could postpone or even prevent your real estate transaction from closing. These potential pitfalls can be mitigated by using a reputable lender, real estate agent, and title company at the Lake of the Ozarks, to care for your transaction, start to finish. While even the best companies in these industries cannot combat all of the items that may arise, simply because they are out of their control. They will find these issues far before your closing and recommend guidance for your real estate closing at the Lake of the Ozarks. Continue reading our blog to find 5 common reasons your closing may be delayed.
1. Discrepancies in Closing Statement
2. Unrealistic Contract Dates
Our last blog showcased just why it is important to choose the "perfect closing date" for your real estate transaction, we'd like to expand upon that a little further here. This issue typically arises when the sales contract offer has a closing date set fewer than 30 days from the targeted closing date. We aren't going to say that you cannot close on a real estate transaction in under 30 days, it's been done and is quite possible. If all parties' financials, inspections, and contingencies are in order in the beginning it's possible to have an early closing. However, these are few and far between, there is typically some sort of snag that arises during the transaction that causes a hiccup in the process - typically easily resolved.
3. Appraisal/Inspection Issues
4. Lender/Underwriting Issues
5. Title Related Problems
Issues with the title can be a time-consuming and complicated battle to fix and depending on the timeframe of your closing, could cause delays. There are common title issues that arise often and can create delays, but many of these items are easy fixes, they just take time, and when you're on a tight time schedule that's not always an option. This is why it's important to ensure you're selecting the best title agency in your area to handle your real estate transaction, they'll find the issues before the final week or so of closing. Giving parties additional time to fix any issues that may have arisen.
It's possible to avoid these issues by selecting a reputable title company at Lake of the Ozarks (we may have one in mind....) to handle your real estate transaction. At Arrowhead Title, we are passionate about providing fast and accurate title services for the Lake of the Ozarks. So, when looking to close on your real estate transaction without a hitch, trust Arrowhead Title for all of your title and settlement service needs!